Lufthansa and United weigh takeover of Portugal's TAP
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[FRANKFURT] Lufthansa and United Airlines are considering taking over TAP-Air Portugal , a German newspaper reported on Wednesday.
Sueddeutsche Zeitung, citing unidentified corporate sources, said talks were not close to a conclusion and the process could take some time.
The three airlines, all members of the Star Alliance, declined to comment.
TAP, which was partly privatised in 2015, is 50 per cent-owned by the Portuguese state. Private consortium Atlantic Gateway, led by Brazilian-US airline mogul David Neeleman, has a 45 per cent stake. TAP employees hold the remaining 5 per cent.
Lufthansa earlier on Wednesday announced a cost savings programme, including a suspension of new recruitment, to counter the business impact of the coronavirus outbreak.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
